Isle of Man: A positive change in Banking Regime
The Isle of Man Government has adapted to changes in the banking world by announcing an Alternate Banking Regime.
The proposed Alternate Banking Regime would be an optimistic outlook for the island – looking for solutions and innovative ideas to counteract the difficulties of opening and maintaining a corporate bank account.
The framework is the result of months of consultation and industry collaboration and will expand a current licence to allow for a licence to provide banking services to a limited class of individuals (so a Family office may apply for their own banking licence) or representative offices of Foreign Banks to have a presence on the Island for corporate client accounts.
The Alternate Banking Regime is seen as a vital part of the suite of initiative launching in 2016 by the Isle of Man Government – and should be a great incentive to foreign banks interested in establishing a presence in the Isle of Man.
Gecko offices remain buoyant with spring just around the corner and looking forward to the challenges of international business. The offshore industry has many compliance and regulation requirements.
Gecko Corporate Services provides a formation and management service from the Isle of Man - an offshore jurisdiction that has a high reputation for compliance.